Just thought I'd post this chart for perspective. As we discussed yesterday, today was set up as an EE smackdown day and Blythe, of course, obliged. Again, for long-term physical holders, the antics of The Monkey Brigade are really nothing but good theater and general entertainment. For traders and gamblers, today's action needs to be kept in context.
As noted above, only a decisive move through 1370 and a daily close below there would be cause for concern and even if that were to come to pass, it only means that 1350 may be in the cards. No big deal and a terrific buying opportunity should that hapen.
More likely, just sideways action for the next 100 minutes. If we can finish this day at about even, consider it a major victory. Then, with $16B in POMO tomorrow and Thursday, we should be able to put 1400 in the rearview mirror again.
Addendum: Please take time to read this. Its as if I wrote it myself. Thanks, Dan. Great work!